SOURCE: Ocean Eclipse Venture Capital

May 16, 2007 09:40 ET

EnergyStocks.ws Comments on Short-Term Energy Outlook

Higher Gas Prices Which May Mean Boon for USA-Based Oil & Gas Companies

LOS ANGELES, CA -- (MARKET WIRE) -- May 16, 2007 -- EnergyStocks.ws, the center for information on USA-based energy, petroleum and gas companies, notes that the Energy Information Administration Short-Term Energy Outlook projects that the price of West Texas Intermediate (WTI) crude oil is expected to average over $66 per barrel this summer.

The EIA released the information last week, while the projections have already been breached in the very short-term with oil prices jumping over $US67 a barrel in London earlier this week, as the market focused on concerns over tight supplies.

In London, the price of Brent North Sea crude for June delivery rose 14 cents to $US66.97 a barrel in electronic trading. Earlier, strong gains had pushed the contract above $US67. New York's main oil futures contract, light sweet crude for delivery in June, won 16 cents to $US62.53 a barrel in US floor trading. This remains in line with EIA projections.

The Paris-based International Energy Agency last week warned that although global oil demand would dip slightly in 2007, oil and petrol markets could tighten, leading to price rises. And with the average price of gas popping past the psychologically important $3-per-gallon mark last week, oil producers and refiners have been reaping big rewards.

NGAS Resources Inc., (NASDAQ: NGAS) recently announced that EnergyStocks.ws had begun coverage of its operation and was currently reviewing financial data, public filings and historical oil & gas exploration and production figures.

While remaining focused on the Appalachian Basin, NGAS looks for strategic opportunities in other basins to expose NGAS to additional drilling opportunities and enable the Company to continue increasing production and proven reserves. Within the past year, NGAS drilled 10 wells on its coal bed methane properties in the Arkoma Basin and drilled 38 wells in the New Albany Shale in the Illinois Basin.

A spokesperson for EnergyStocks.ws commented, "With the average price of gas popping past the psychologically important $3-per-gallon mark last week, oil producers and refiners have been reaping big rewards. We believe that there are a number of opportunities for investment that need to be explored, and have begun research into what we believe may be potentially undervalued companies."

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EnergyStocks.ws presents analysis on a number of products including oil & gas exploration, stocks and investment. It also provides updated news and commentary on the financial aspects of the industry. EnergyStocks.ws is managed by Ocean Eclipse Venture Capital Group (OEVCG), which provides venture capital, early stage financing, investment research and analysis services to emerging technology and breakout corporations.

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